Whilst cyber insurance may be viewed as a somewhat new, unconventional cover, there is little doubt of its increasing importance in all forms of business as cyber-crime in Australia continues to grow at an alarming rate.
In fact, there are 148 cyber-crimes reported every day in Australia, costing SMEs an average of $276,000 per attack, whereas individuals are having to fork out an average of up to $3,696 per attack. In addition, Australia is now one of the most targeted countries in the world for 'credential stuffing' attacks.
Companies of all sizes carry enormous amounts of sensitive and highly valuable data online these days, yet the security required to keep it out of reach from hackers is often considerably underestimated. Once a hacker gains access to your accounts, they can perform a wide range of illicit actions, ranging from data theft and customer identity fraud through to a complete account takeover.
The digital realm offers immense opportunities, but it also exposes businesses to unprecedented risks. Cyberattacks, data breaches, and online fraud have become commonplace, leaving no industry untouched. A cyber insurance policy is no longer a luxury; it's a strategic imperative. Here's why:
A cyber incident can result in substantial financial losses due to costs associated with data recovery, legal fees, and regulatory fines. Our cyber insurance provides the financial safety net your business needs to recover without sacrificing your bottom line.
Your reputation is invaluable. Our policies include coverage for public relations efforts to manage the aftermath of a cyber incident, preserving your brand image and customer trust.
Navigating the legal complexities following a cyber incident can be overwhelming. Our cyber insurance offers access to legal experts who specialise in cyber law, ensuring that your business is well-prepared to handle legal challenges.
Downtime resulting from a cyber incident can disrupt your operations and revenue flow. Our policies cover business interruption costs, helping you maintain your business's momentum during recovery.
A cyber attack or data breach can cost your business more than just money. It could threaten your intellectual property, put your customers’ personal information at risk and cause major damage to your company's reputation and brand.
Typically, a cyber insurance policy can help cover first and third party financial losses to your business, your customers, as well as other parties following a cyber security breach. However, cyber insurance policies vary in the benefits they provide, which is where we can assist in making sure your cyber policy is specifically suited to meet your business needs.
Below are the main types of cover included in a cyber insurance policy:
Coverage for costs related to investigating and managing a data breach, including forensic analysis, customer notifications, and credit monitoring services for affected individuals.
Protection against cybercriminals who attempt to extort money from your business by threatening to release sensitive data or disrupt your systems.
Reimbursement for lost income and additional expenses incurred as a result of a cyber incident that disrupts your business operations.
In case your business is held liable for a cyber incident that affects others, our policy covers legal expenses and damages.
Financial assistance in managing legal claims and regulatory penalties stemming from a cyber incident.
While cyberattacks can potentially target any type of business, certain industries and businesses are considered more vulnerable due to the nature of their operations, the value of their data, and their digital infrastructure. Some of the most vulnerable types of businesses to cyberattacks are shown below.
However, it's important to note that cyberattacks can evolve and adapt, targeting new industries and businesses as vulnerabilities emerge. Regardless of the industry, all businesses should prioritise cybersecurity measures to mitigate the risk of cyber incidents.
Smaller businesses often have limited resources to invest in robust cybersecurity measures, making them attractive targets for cybercriminals.
Online retailers handle sensitive customer data. Cyber insurance is a lifeline to maintain trust and continuity in the face of breaches.
Businesses that handle sensitive client information, such as law firms and financial institutions, can benefit from cyber insurance to safeguard client data and uphold professional integrity.
Medical records are digitised, making healthcare vulnerable. Our policy mitigates financial and reputational damage from breaches.
Tech firms are not only at risk of cyber incidents but can also be held liable for software vulnerabilities. Cyber insurance addresses these unique risks.
At Midland, we understand the urgency of protecting your business in the digital era. Our cyber insurance policies are designed to provide you with the proactive defense you need against cyber risks.
Contact us today to learn more about how our tailored solutions can help secure your business's future in the digital landscape.
You can either fill in the 'Request A Quote' form on this page and one of our brokers will be in touch, or just give us a call on 1300 306 571.